RESEARCH

Know what you own, and know why you own it.

Behind every stock is a company. Find out what it's doing.

Investing without research is like playing stud poker and never looking at the cards.

I read the prospectuses. The details were all there.

I have always believed that a single talented analyst, working very hard, can cover an amazing amount of investment landscape.

We're not smarter than everyone else. We just worked harder on this one trade.

I looked at the data and thought — this is going to end badly.

The difference between investing and gambling is that in investing, you can do research. In gambling, the house always knows more than you. In markets, sometimes you can know more.

The best investment analysis is the one where you do the work nobody else bothers to do. Read the footnotes. Call the competitors. Model the assumptions yourself.

I don't hire economists. I hire physicists and mathematicians. Economists know too many theories. Scientists know how to find what is actually true.

Index funds are fine. But if you put in the work to understand businesses, you can do better. Most people do not put in the work.

Do your homework. That's all I ever ask. One hour per week per stock.

Read the 10-K. Most investors never read a single SEC filing for stocks they own. That's insane.

Constitutional AI is the idea that you can train a model to follow principles, not just examples. You teach it values, not just tricks.

We published our clinical research in peer-reviewed journals before we had a sales team. That was deliberate. In healthcare, credibility is the product.

Everyone in this space says they have AI. We have peer-reviewed, published algorithms that predict treatment response. There's a difference between a marketing claim and a clinical tool.